BankSmart welcomes First Bancshares, Inc. as our latest Bank Acquisition SmartKit client. Mountain Grove, Mo.-based First Bancshares, Inc. will acquire Colorado Springs, Colo.-based Stockmens Bank in an all-stock deal. Under the deal, First Home Bank will be merged into Stockmens Bank. Stockmens has $111 million in assets and First Home Bank has $223 million in assets. First Bancshares will subsequently own a banking subsidiary operating as Stockmens Bank in Colorado, State Bank of Bartley in Nebraska and First Home Bank in Missouri. Scott Yeoman, Chief Operating Officer at First Home Bank, observed, “We are looking forward to the help we will get from the SmartKit on the project to integrate our two banks. We think it will help our people keep the overall project in perspective while they continue to serve our customers with the same high levels of attention as always.”.
BankSmart welcomes Sussex Bank as our latest Bank Acquisition SmartKit client. Rockaway, N.J.-based Sussex Bank, with assets of $872 million, is acquiring Maywood, NJ-based Community Bank of Bergen County. The combined company will have approximately $1.2 billion in assets and the deal is expected to close in the third quarter. Steve Fusco, Senior Executive Vice President and Chief Financial Officer of Sussex Bank, said “We are very excited to be partnering with BankSmart to assist us with our merger integration project. This will allow us to spend more time ensuring customers and employees from both institutions are minimally impacted and get the best experience”.
By Jim Wilkson
Most banks outsource some – or all – of their data processing services. Even if your bank uses an in-house core processing system, services like ATM and Debit card processing, internet banking, and bill payment services are usually outsourced. If you’ve seen your vendor invoices then you know they’re charging you pennies, nickels, dimes, and dollars for everything they do for you, so now is a good time to find ways to minimize those expenses. Here are five ways to find cost savings now.
- Purge closed accounts. Service bureau pricing is often based on the number of open and closed accounts on your core processing system. Many in-house license agreements also base fees on the total number of accounts being maintained on your systems. Certain accounts must be maintained on the system until annual tax reporting is completed, but other accounts can be purged on a periodic basis. Even when purged, many core systems will maintain a shadow record of the account for future reference and usually at no charge – especially for closed loans. Even if your system doesn’t display purged account information, closed account information will be available in your report storage system.
Continue reading “5 Ways to Save Money on Data Processing Expenses – Now!”
By Jim Wilkson, President
Many bankers have commented that their data processing expenses are significantly higher than their peers. It may not seem fair, but all banks were not created equal!
Just because your bank is a similar asset size to a “peer” doesn’t mean the way each bank achieved that size is the same. Bank #1 may use CD’s and Money Market accounts as a significant source of funding for commercial lending, while Bank #2 may attract large numbers of consumer checking accounts as a major source of funding consumer, commercial, and mortgage loans.
Both banks may be the same asset size, but Bank #1 will likely have lower processing expenses because it will take fewer CD and Money Market accounts with higher balances and they will have much lower transaction volumes than Bank #2. Bank #2 will have more accounts with higher transaction volumes than Bank #1. When your processing vendors charge you for the number of accounts on their systems and the number of transactions they process, the overall costs will be greater. In addition, Bank #2 will have additional expenses related to ATM and Debit card transactions, internet banking, bill pay services, and mobile banking needed to support their consumer accounts. Continue reading “All Banks Are Not Created Equal!”
BankSmart welcomes Rosedale Federal Savings and Loan Association as our latest Bank Acquisition SmartKit client. Baltimore, MD-based Rosedale Federal Savings and Loan Association will expand its reach into Towson by acquiring Midstate Community Bank. Under the deal, Rosedale Federal will gain approximately $168 million in assets, bringing its total assets to just shy of $1 billion. Nancy Alperstein, Senior Vice President of Rosedale, said “We are pleased to partner with the BankSmart team. Their SmartKit platform will provide us with an integrated tool to effectively manage the components, account for the dependencies, and communicate in lock-step so that we ensure a successful outcome for our customers and our employees. ”
BankSmart welcomes MidAmerica National Bank as our latest Bank Acquisition SmartKit client. MidAmerica National Bank of Canton, Ill., plans to acquire Henry, Ill.-based Henry State Bank. As of Dec. 31, 2016, MidAmerica National Bank, a subsidiary of MidAmerica National Bancshares Inc., had $337.5 million in assets. Henry, a subsidiary of Henry State Bancorp Inc., had assets of $99.4 million. Sheila Henderson, SVP/Operations of MidAmerica National Bank, said “We are excited to partner with BankSmart to manage this acquisition. Bank acquisitions have a lot of components and dependencies, the SmartKit will help us manage those items and ensure a smooth transition.”
BankSmart welcomes Vista Bank as our latest Bank Acquisition SmartKit client. Lubbock, Texas-based Vista Bancshares Inc. has inked a cash-and-stock deal to acquire all outstanding shares of Hamlin, Texas-based Hamlin Financial Corp., in a transaction set to close during the second quarter. Hamlin National will merge into Vista Bank once the transaction closes. Randy Runquist, Chief Operations Officer of Vista Bank, said, “We look forward to working with the BankSmart team and utilizing the SmartKit to more efficiently manage and successfully complete this important project for our bank.”
We love the Bank Acquisition SmartKit product. What a lifesaver it has been for me. It makes the process so much more manageable.
– Janet B., Ocean City Home Bank, Ocean City, NJ
BankSmart was a life saver. It is so comprehensive and covers many items that would have been overlooked during the acquisition process. The software not only kept us on track to meet our deadlines, it also let us add items that were unique to our bank. We will definitely use the SmartKit again when we go thru our next acquisition.
– Cindy U.
“We utilized the Bank Acquisition and Branch Opening SmartKits. The tools proved invaluable by keeping the team members focused on critical tasks while the reports provided visibility of the status to the Executive Management Team. The software is user friendly and the functionality and email integration makes it one of the best tools I have ever used. The BankSmart team are great partners and extremely responsive.” Lori S.